Allspring Global Investments Holdings LLC Buys 545,088 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Allspring Global Investments Holdings LLC lifted its position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 4,697.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 556,693 shares of the company’s stock after acquiring an additional 545,088 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in PDD were worth $64,437,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in PDD. Binnacle Investments Inc increased its position in shares of PDD by 281.7% during the third quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock worth $36,000 after buying an additional 200 shares during the period. GAMMA Investing LLC lifted its holdings in PDD by 595.0% in the fourth quarter. GAMMA Investing LLC now owns 278 shares of the company’s stock valued at $32,000 after buying an additional 238 shares during the period. Wexford Capital LP acquired a new position in PDD in the third quarter valued at $44,000. Assetmark Inc. boosted its position in PDD by 314.4% during the third quarter. Assetmark Inc. now owns 402 shares of the company’s stock valued at $53,000 after acquiring an additional 305 shares during the last quarter. Finally, Larson Financial Group LLC boosted its position in PDD by 720.4% during the third quarter. Larson Financial Group LLC now owns 402 shares of the company’s stock valued at $53,000 after acquiring an additional 353 shares during the last quarter. 39.83% of the stock is owned by institutional investors.

PDD Stock Down 0.4%

PDD stock opened at $101.78 on Thursday. The firm has a market capitalization of $141.69 billion, a PE ratio of 10.83, a P/E/G ratio of 0.96 and a beta of -0.01. PDD Holdings Inc. Sponsored ADR has a twelve month low of $87.11 and a twelve month high of $139.41. The stock’s 50 day moving average is $102.59 and its 200-day moving average is $115.91.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Morgan Stanley set a $148.00 target price on PDD in a research note on Thursday, January 15th. Loop Capital set a $170.00 price target on PDD in a report on Tuesday, January 6th. Citigroup reiterated a “neutral” rating on shares of PDD in a research note on Wednesday, January 28th. Nomura upgraded shares of PDD from a “neutral” rating to a “buy” rating and set a $136.00 target price on the stock in a research report on Friday, March 27th. Finally, Arete Research set a $130.00 target price on shares of PDD in a research note on Tuesday, December 9th. Five equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $140.27.

PDD Profile

PDD (NASDAQ: PDD) is the holding company best known for operating Pinduoduo, a China-based, mobile-first e-commerce platform that emphasizes interactive, social shopping and group-buying mechanics to drive user engagement and low prices. Founded in 2015 by entrepreneur Colin Huang, the business has grown by connecting consumers directly with merchants and manufacturers, with particular emphasis on value-oriented goods and fresh agricultural produce. The company is based in Shanghai and completed a U.S.